I'm new to real estate investing and this is my first investment. I have proof of funds from a lender, and my agent and I are hunting for potential investment properties.
So my question is: When do you order a bid for estimating repairs, before submitting an offer or after? Also is there a good way to estimate repairs, such as painting, carpet structural, or maybe a software or program that will do this? Thanks
Try and find a local contractor or contractors in your area. Also networking with local BP members helps.
see if you can develop or have someone share with you a simple spread sheet and use it as a check off list, the more familiar you get with what needs to be done the better you'll get.
Are you flipping or buying & holding? That may seems irrelevant - a roof costs the same no matter what. But your finishings (flooring, light fixtures, kitchen appliances) vary depending on your target market. White appliances in rental are fine, but if you're looking for top dollar in a flip, you may need to spring for stainless-steel.
Grab a notebook and go to a Home Depot or Lowes. Act as if you were getting estimates for your dream investment property. How much is carpeting installed? What are the differences in water heaters? You'll be getting ballpark estimates, but this is helpful when talking to contractors - you'll know if they are vastly overpriced.
Have you listened to any podcasts? While it's great to get an agent and start looking, you need some more people on your team. Start vetting contractors now, get some names of real estate lawyers, ask people if they know a good plumber. You want these contacts as soon as possible.
Good luck and let us know about your first deal.
I am flipping, I can probably come up with good estimates for paint, flooring, and cosmetics but I think i will have a problem with structural, roofing, landscaping, etc...
Make an offer with upgrades in mind, if accepted, after inspection anything glaring renegotiate offer.
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